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IMARC Group's report titled“ E-Passport market Report by technology (Radio Frequency Identification (RFID), Biometric), Security (Basic Access Control, Password Authenticated Connection Establishment, Supplemental Access Control, Extended Access Control), Application (Leisure Travel, Business Travel), and Region 2024-2032 “. The global E-passport market size reached US$ 29.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 81.5 Billion by 2032, exhibiting a growth rate (CAGR) of 11.81% during 2024-2032.
Factors Affecting the Growth of the E-Passport Industry:
Technological Advancements:
The e-passport industry is experiencing significant growth due to continuous technological advancements. These innovations include the integration of biometric features such as fingerprints and facial recognition, enhanced security features, and improved data encryption. These developments boost the security of e-passports as well as streamline the verification process at border control points, reducing wait times and enhancing the overall traveler experience. Moreover, the rising adoption of contactless smart card technology further accelerates the market growth by providing convenience and speed at border crossings. As technology continues to evolve, e-passports are poised to become even more secure and user-friendly, driving further growth in the industry.
Increasing International Travel:
The rising trend of international travel is a major driver of the e-passport industry's growth. With more people traveling abroad for tourism, business, and education purposes, governments of various countries are keen to strengthen their border security and streamline immigration processes. E-passports offer a viable solution by providing a secure and efficient means of verifying travelers' identities. As international travel continues to grow worldwide, the demand for e-passports is expected to rise simultaneously, making it a pivotal factor fueling the industry's expansion.
Government Initiatives and Regulations:
Favorable government initiatives and regulations also play a crucial role in stimulating the growth of the e-passport market. Many countries are mandating the use of e-passports to strengthen national security and facilitate international travel. This heightened government support in the form of funding and regulatory frameworks is accelerating the adoption of e-passports. Additionally, international organizations like ICAO (International Civil Aviation Organization) set standards and guidelines for e-passport features, ensuring global interoperability. Such initiatives and regulations create a conducive environment for e-passport adoption and catalyze market growth.
Leading Companies Operating in the Global E-Passport Industry:
4G Identity Solutions Private Limited (Goldstone Technologies Ltd.) CardLogix Corporation Entrust Corporation HID Global Corporation (Assa Abloy AB) IDEMIA Infineon Technologies AG Mühlbauer Group Primekey Solutions AB (Keyfactor) Thales Group
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/e-passport-market/requestsample
E-Passport Market Report Segmentation:
By Technology:
Radio Frequency Identification (RFID) Biometric
Radio frequency identification (RFID) dominates the market by technology due to its widespread adoption for secure data storage and quick, contactless identity verification, making it the preferred technology choice for e-passports.
By Security:
Basic Access Control Password Authenticated Connection Establishment Supplemental Access Control Extended Access Control
Based on the security, the market has been classified into basic access control, password authenticated connection establishment, supplemental access control, and extended access control.
By Application:
Leisure Travel Business Travel
Leisure travel represents the largest market segment owing to the growing number of tourists worldwide and the rising need for efficient and secure border control processes, driving the demand for e-passports mainly in the leisure travel sector.
Market Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Global E-Passport Market Trends:
The e-passport market is currently witnessing several notable trends, including the integration of advanced biometric features, such as facial recognition and fingerprints, which are gaining prominence and enhancing security levels. Moreover, the market is experiencing a rise in demand due to the increasing number of international travelers, necessitating efficient border control solutions. In line with this, governments are increasingly adopting e-passports as a standard travel document, thereby propelling market growth. Besides this, continuous technological innovations, like contactless smart cards, are further improving the user experience. These trends collectively indicate a promising future for the e-passport market with a heightened focus on security, efficiency, and convenience for travelers, thus augmenting market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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